Global electric motors market to top £100 billion by 2022

21 January 2016 by Carl Brennand

The worldwide market for electric motors will be worth more than £100 billion ($140 billion) in just six years, according to a study by US-based Grand View Research. But what might this projected CAGR (compound annual growth rate) of 4.5 per cent from 2015 to 2022 be down to? Let’s look at five possibilities.

1. Manufacturers are under pressure to meet increasingly-stringent energy efficiency legislation, such as the European Minimum Energy Performance Standards (EU MEPS). This states that, from January 1st 2017, all motors with an output of 0.75-375kW sold within the EU must be rated at IE3 efficiency or IE2 if connected to a variable-speed drive. Therefore, a great number of companies will be forced to replace electric motors in order to comply.

2. As more aspects of manufacturing processes become automated, the demand for motors of all sizes will naturally grow.

3. Vehicles, and the devices within them, account for almost a third of the entire electric motor market. With the projected rise of electric and hybrid cars in the near future, vehicles are expected to remain a prolific user of electric motors.

4. Many domestic appliances such as dishwashers, refrigerators and microwave ovens require electric motors. Because these items are likely to become increasingly affordable due to advances in technology, demand for them will increase.

5. The benefits of modern energy-efficient electric motors are becoming more important as the cost of energy increases, encouraging users to upgrade their equipment for long-term savings.

Gibbons plays its part in satisfying the ever-increasing global electric motor demand by supplying high-performance, energy-efficient motors to clients around the world.